BROSSARD, QC, Nov. 7, 2023 /CNW/ - Mantra Pharma, a company that develops and markets generic drugs and over-the-counter products, has taken another step to achieve its growth objectives by signing an agreement to bring in Marcan Pharmaceuticals, a Canadian pharmaceutical company, as a shareholder.
Mantra and Marcan have been actively collaborating since 2014. Both management teams therefore seized the opportunity to strengthen their natural link to win new market share. Marcan's investment will help generate new strength and vitality in a highly competitive market. Marcan's support is expected to accelerate the realization of Mantra's business goals while preserving company's assets, notably its brand, expertise and jobs.
In essence, Mantra will focus on development in Quebec and join forces with Marcan for the rest of Canada. In addition to adding new products, the partnership provides direct access to molecule manufacturing and further secures supplies.
"Throughout our partnership with Marcan, we found they understood the uniqueness of the Quebec market and our corporate culture. It's a move to better deploy our expertise in Quebec. We are creating conditions to support our ambitious growth, both in terms of bringing new products to market and securing supply. In other words, Mantra Pharma seeks to continue its trajectory to grow and improve, with an aim to provide better care for people! ", says Jean-François Letarte, President of Mantra Pharma.
Sudher Paladugu, President & COO of Marcan Pharmaceuticals adds: "Since the start of our partnership and collaboration with Mantra in 2014, we have witnessed Mantra's focus and dedication on pharmacy, and patient care, as well as their growth in the Quebec market. Through extending this partnership, we plan to bring further alignment between our organizations, widening the opportunity for Mantra to grow the Quebec based portfolio through utilization of our resources, expertise, and platform. We are excited to support Mantra in their endeavor to become a leading pharmaceutical company in the Quebec marketplace."
Mantra develops and markets generic medicines, natural health products and over-the-counter products. Its three sales forces visit Quebec pharmacies and meet with healthcare professionals such as doctors, nurses and nutritionists. All its actions are aimed at helping to provide better care. It has two places of business in Lévis and Brossard and employs over 125 people.
Based in Ottawa, Marcan Pharmaceuticals Inc. is a pharmaceutical company actively involved in the development, marketing, sales and distribution of branded and generic pharmaceutical products for the Canadian market. Marcan currently manufactures and distributes a variety of drugs covering a wide range of therapeutic categories through numerous dosage forms.
PricewaterhouseCoopers Corporate Finance Inc. served as financial advisor on this transaction.
SOURCE Mantra Pharma inc
Sources: Mantra Pharma and Marcan Pharmaceuticals; For information and interviews: Jenna Dubé, TACT, 581 996-3023, [email protected]
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